Bitcoin and Altcoins Consolidate Losses As Bears Lose Momentum
Bitcoin price is consolidating losses below the USD 32,400 and USD 33,000 resistance levels. Ethereum is holding steady above USD 1,275, XRP is showing bearish signs below USD 0.280. CHSB and LUNA rallied around 30%.
Bitcoin price extended its decline below USD 31,200, but the bulls defended heavy losses. BTC recovered from USD 30,800 and it is currently (05:00 UTC) trading above USD 31,500. However, the price is facing a lot of hurdles, starting with USD 32,400 and up to USD 34,500.
Similarly, most major altcoins are consolidating losses. ETH/USD is trading near USD 1,300, with a decent support at USD 1,275. XRP/USD is struggling and it seems like the bears might attempt a major downside break below USD 0.255.
Total market capitalization
After finding bids near USD 30,800, bitcoin price recovered above USD 31,200 and USD 31,500. An initial resistance for BTC is near the USD 32,400 level. A decent break and a follow up move above USD 32,400 may possibly open the doors for a push towards the USD 33,000 level. The main resistance is still near the USD 33,500.
On the downside, the USD 31,200 level is a support zone. The next key support is near USD 30,800, below which the price might drift towards the USD 30,000 support zone.
Ethereum price seems to be consolidating above the USD 1,275 support zone. On the upside, ETH could struggle near the USD 1,340 and USD 1,350 resistance levels. If there is a clear break above USD 1,350, the bulls might aim for a test of the USD 1,400 and USD 1,420 resistance levels.
Conversely, there are chances of more downsides if there is a successful break below USD 1,275. The next key support sits near USD 1,210 and USD 1,200.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down over 3% and is struggling to stay above the USD 405 and USD 400 support levels. If BCH breaks the USD 400 support, there might be a 5%-8% drop in the coming sessions. In the stated case, the next major support for the bulls could be near the USD 365 level. On the upside, an immediate resistance is at USD 425, followed by USD 432.
Litecoin (LTC) declined over 4% and it is trading near the USD 130 level. If LTC continues to move down, the bulls might protect the USD 125 support. Any more losses could clear the path for a test of the USD 105 and USD 100 support levels. On the upside, the USD 138 and USD 140 levels are important breakout zones.
XRP price is moving lower and is trading well below USD 0.280. The price even failed to hold USD 0.265. The next major support is near the USD 0.255 level. A close below the USD 0.255 level may well spark a strong decline. Conversely, a recovery wave may face resistance near USD 0.285 and USD 0.288.
Other altcoins market today
A few altcoins gained over 5%, including MATIC, LUNA, CHSB, UNI, ZRX, SNX, XEM, AAVE, COMP, and IOST. Out of these, MATIC is up 45% and it cleared the USD 0.045 resistance.
Overall, bitcoin price is consolidating losses below the USD 32,400 and USD 33,000 levels. If BTC struggles to recover above USD 32,400, there could be more losses below USD 31,200 in the near term.